The Auction House (AH) is a venue where people can buy and sell items in World of Warcraft. Auction houses can be located in cities, towns, and other locations. The houses are connected to each other, and all offer the same items for sale regardless of location. In earlier versions of the game, there were separate auction houses for the Horde, Alliance, and Neutral factions. Trial accounts, however, cannot buy or sell items through Auction Houses.
During an auction, items are sold to the highest bidder. This usually involves potential purchasers making bids that increase until the highest bid is accepted. Auction houses typically allow prospective buyers to inspect the items before the auction starts. It is important to choose the right auction house for your auction. Some auction houses specialize in a specific genre, so you’ll want to find one that specializes in the type of asset that you’re interested in.
The auction house may offer a guarantee. This guarantee can be from the auction house or from a third party. If the auctioneer does not receive a bid, the guaranteed lot stays the property of the consignor. However, the auctioneer has the discretion to accept or reject any bid. The hammer price is the nominal price of the lot. The winning bidder must also pay additional fees, such as taxes.
While the mainstream auction terminology remains the same, the terms used are often specific to certain businesses. For example, online auctions are offered through Artsy and Paddle 8. In addition, there are certain terms used only by those businesses. Understanding these terms can help buyers and sellers better navigate the auction house.